Home Blog Page 374

Atiku on Tinubu’s Loans: Why It’s a Cause for Concern

coic
-
0
Atiku on Tinubu’s Loans: Why It’s a Cause for Concern

According to former Vice President Atiku Abubakar, corruption, not infrastructure or development needs, is the driving force behind the loans that the President Bola Tinubu administration has obtained.
In a letter to the National Assembly on Tuesday, Tinubu requested their approval of a new external borrowing plan in the 2024 Budget (Appropriation Act) worth N1.767 trillion ($2.209 billion).

Nevertheless, the National Assembly granted Tinubu’s request less than 48 hours later, in spite of the objections expressed by experts and civil society.

The loan will be used to partially pay the N9.7 trillion budget shortfall for the 2024 budget if it is authorized.

Read Also: FCTA Relocates 11,000 Apo mechanic traders to Wasa

Former PDP presidential candidate Atiku, however, stated that this loan proposal is more worrisome because it is benchmarked at the exchange rate of 1 USD to N800, but the Central Bank of Nigeria’s current exchange rate is more than N1,600 to 1 USD.

In a statement, Atiku said that the National Assembly has once again turned into an accomplice as Nigeria’s debt continues to grow, presumably alluding to its approval of loan requests during the most recent Muhammadu Buhari administration.

Nigeria’s public debt stock, which includes both domestic and foreign debt, increased by 75.27% on a quarter-over-quarter basis from N49.85 trillion (US$108.30 billion) in Q1 2023 to N87.38 trillion (US$113.42 billion) in Q2, according to the Nigerian Bureau of Statistics (NBS).

“Total domestic debt was N54.13 trillion (US$70.26 billion) in Q2 2023, while total external debt was N33.25 trillion (US$43.16 billion),” the NBS added.

However, Atiku said, “It is extremely alarming that the World Bank recently released a report indicating that Nigeria is the third most indebted nation to the International Development Association (IDA).”

This report comes right after the administration issued a proposal to the National Assembly indicating that it intends to use Euro Bonds to borrow an additional N1.7 trillion to cover the 2024 budget shortfall.

The benchmark for this specific loan request is 1 USD to N800, which is even more worrisome given that the Central Bank of Nigeria’s current exchange rate is more than N1,600 to 1 USD.

“The National Assembly has once again turned into an accomplice as Nigeria’s debt continues to grow. In July of this year, Tinubu boasted that the Customs and FIRS under his control had brought in record-breaking amounts of money to fund the budget. So why do they continue to borrow? Even if their lending rackets and failed trial-and-error strategies are crushing Nigerians, there is something they are not telling them.

Read Also: Bank of Industry secures $5bn, earmarks N120bn for MSME support

“These Tinubu loans are crushing Nigerians’ bones and putting unbearable strain on the economy, particularly when they are not properly utilized and negotiated.”

It is alarming that corruption, rather than infrastructure and development needs, is driving the avaricious thirst for these enormous loans. The amount of pork in the 2024 budget has made it a shambles, according to a report by budget watchdog Budgit.

“Seeing that we are back at the top of the same dilemma just a few years after President Obasanjo’s administration pulled our nation out of foreign debt causes me personal anguish.”

He declared, “It’s time we exercise greater prudence and apply math to the loan frenzy.”

DSS detains protester opposing NNPC policies

coic
-
0
DSS detains protester opposing NNPC policies

The Department of State Service (DSS) has arrested Kennedy Tabuko, a self-described leader of the Niger Delta Development Initiative, for interrogation about his efforts to stir the populace against government policy.

According to a high security source, Tabuko was asked to be questioned by the secret police because of repeated attempts to organize gullible young people to demonstrate against federal government policies.

According to the source, Tabuko’s most recent endeavor was planning a protest against NNPC regulations on Thursday, November 21, 2024, in the National Assembly. But before the demonstration could happen, security personnel stopped him.
To learn more about Tabuko’s intentions and find any accomplices, the DSS is looking into his actions. This comes after several Nigerians stormed the National Assembly on Thursday to protest and demand transparency in the ongoing investigation into the alleged importation of tainted fuel into Nigeria.

Read Also: Bank of Industry secures $5bn, earmarks N120bn for MSME support

Since the Senate and House of Representatives joint committee was established, the demonstrators have questioned how the national parliament has handled the investigation. To increase transparency in the ongoing investigation, they are calling for the investigative panel to include professionals, civil society organizations, and other interested parties.

Bank of Industry secures $5bn, earmarks N120bn for MSME support

coic
-
0
Bank of Industry secures $5bn, earmarks N120bn for MSME support

Since 2017, the Bank of Industry, or BoI, has raised more than $5 billion from global capital markets through Eurobonds, loan syndications, and green finance instruments, according to Olasupo Olusi, Managing Director.

At the news conference for the BoI’s 65th anniversary in Lagos on Thursday, Mr. Olusi said this.

He emphasized how the bank changed from being founded in 1959 as the Investment Company of Nigeria, or ICON, to becoming the Bank of Industry in 2001.
According to Mr. Olusi, the bank also completed a global loan syndication in November that raised at least two billion euros, which is the biggest fundraising in BoI’s history as well as the largest syndication in African DFls’ history.

He explained that the bank was able to achieve the milestones through the years due to its partners.

Read Also: Customs Seize N3bn Worth of Contraband in Four Months – Controller

According to him, BoI has established strategic partnerships with key local public and private institutions as well as global financial and multilateral institutions to enable the bank to fulfill its mandate, effectively.

“BoI has partnerships with state governments, and foundations to establish the ‘Matching Fund’ scheme.

“We also have partnerships with trade associations, such as the National Association of Small and Medium Enterprises (NASME), Nigerian Association of Small Scale Industrialists (NASSI), and Manufacturers Association of Nigeria (MAN), to deepen real sector financing.

“BoI recently signed a partnership agreement with SMEDAN to provide Nano and Micro Enterprises in Nigeria with a one billion dollar fund at a single digit interest rate.

“We have partnerships with several other public agencies like NCDMB, to support specific sectors,” he said.
Mr. Olusi further mentioned that the bank was designated as the executing agency for the $200 billion FGN MSME Intervention Fund by the Federal Government in November 2023.

These comprised a N75 billion Manufacturing Sector Fund, a N75 billion MSME Intervention Sector Fund, a 50 billion Presidential Conditional Grant Scheme, and PCGS.

Read Also: PDP secretariat in Edo state attacked by armed thugs targeting election documents

“We also have strategic partnerships with many organizations, including the African Development Bank (AfDB), the African Finance Corporation (AFC), the African Guarantee Fund (AGF), and the Investment Climate Reform (ICR) program.

Other organizations include the International Finance Corporation (IFC), the United States Export Import Bank (USEXIM), and the Multilateral Investment Guarantee Agency (MIGA), according to Olusi.

According to him, the bank, in the last 12 months, has also revised its strategy to focus on impact and introduced various strategic initiatives in alignment with President Bola Tinubu’s ‘Renewed Hope Agenda’ and in response to emerging macroeconomic issues.
By the end of the year, the bank intends to distribute N120 billion to two million micro, small, and medium-sized businesses (MSMEs), according to Shekarau Omar, Executive Director, MSMEs at the Bank of India.

According to Mr. Omar, the bank has already exceeded its initial objective of N103 billion in 2024 disbursements to 1.5 million MSMEs.

He said that as of October, the bank has paid out N107 billion to more MSMEs than anticipated.

Mr. Omar emphasized the potential of Nigeria’s MSME sector, stating that there are an estimated 39 to 40 million enterprises in this area.

FCTA Relocates 11,000 Apo mechanic traders to Wasa

coic
-
0
FCTA Relocates 11,000 Apo mechanic traders to Wasa

11,000 merchants and craftspeople in Apo Mechanic Village have been registered by the Federal Capital Territory Administration (FCTA) to move to the permanent location in Wasa District, Abuja.

At a meeting with stakeholders in Abuja on Thursday, Chief Felix Obuah, Coordinator, Abuja Metropolitan Management Council, or AMMC, made this statement.

The purpose of the meeting, according to Mr. Obuah, was to give updates on the current count of traders and craftspeople in Apo Mechanic Village who will be moving to Wasa.

He noted that among other things, the purpose of the meeting was to talk about the site plans and design.

According to him, 11,000 people have already received the form and paid for it, and the registration fee for the Wasa space allotment is N300,000.

However, he voiced concern that some suspicious people were exploiting the situation to blackmail unwary dealers.

He clarified that, in contrast to the N300,000 that FCTA had authorized, the unnamed individuals—among them, certain union leaders of the traders and artisans—were taking N650,000 from the traders.

“I came here to tell people that this is what we are doing because they are in a critical situation.

“I will carry every stakeholder along in every process, and at the end, whoever is allocated a shop in the permanent site, his or her name will be published,” he said.

whatsApp
The coordinator warned that anyone caught collecting money from unsuspecting traders, including those not on the road corridor and promising them land, would be arrested and prosecuted.

While acknowledging the difficulties faced in dealing with the traders, Obuah noted that over 45,000 names were submitted initially by different unions.

Describing the lists as “inflated”, the coordinator said that the blotted names, among other false claims, have made the council to conduct physical enumeration of the affected traders.

Read Also: Nigerian groups in Americas settle dispute, unite

“We have extended an invitation to Apo merchants’ stakeholders, primarily all association leaders, to update them on our progress in the relocation procedures.

The coordinator went on to say, “We told them the main points of the enumeration, the main points of the form, the number of people who have paid, and our future plans.”

He clarified that the relocation was primarily for traders in the buffer zones and on the road corridor.

He claimed that the conference was required after it was discovered that the majority of union leaders had taken money from Apo mechanic village residents who had no business there.

Before the end of November, Mr. Obuah promised, the registration and enumeration process would be completed.

Nigerian groups in Americas settle dispute, unite

coic
-
0
Nigerian groups in Americas settle dispute, unite

The conflicting charters of Nigerian diaspora organizations in the Americas have settled and decided to work together toward a single objective.

NIDOA’s historic merger occurred during an extraordinary Annual General Meeting (AGM) held on November 16 in Bloomington, Minnesota, in the United States, according to a statement emailed on Thursday and mutually signed by the parties.
“The Nigerians in Diaspora Organization Americas (NIDOA) have united under one cohesive umbrella in a groundbreaking move, marking a historic milestone in the organization’s journey,” the statement said.

In a statement signed by Zee Nagberi and Bukoka Olaoye (members of the Board of Trustee); Chika Emmanuel from Brazil; Lillian Alli-Balogun from Canada; Doyin Owobamirin and Collins Ikegwuonu from the United States; the members characterized the merger as a noteworthy accomplishment to advance the organization.

According to the statement, a peace agreement was signed during the unification conference with the topic “NIDOA: Building A Strong & United Nigerian Diaspora Community,” uniting all chapters into a single, unified entity.

Read Also: Arewa Consultative Forum suspends chairman over 2027 presidency remarks

“Representatives from NIDOA’s chapters throughout the Americas—including more than 20 USA chapter presidents, continental chairs from Canada and Brazil, and former leaders—came together to resolve long-standing divisions within the organization after months of dialogue and collaboration,” the statement read.

It determined that a specialist in international mediation was essential to the November 16 reconciliation’s success.

According to the announcement, leaders from both sides, including Mr. Collins Ikegwuonu, Mrs. Chinyere Ibezim-Adom, Pastor Doyin Owobamirin, Mr. Zee Nagberi, Mr. Bukola Olaoye, Dr. Toni Ogbanufe, and Mr. Uche Uzoigwe, formally signed the unification agreement.

Arewa Consultative Forum suspends chairman over 2027 presidency remarks

coic
-
0
Arewa Consultative Forum suspends chairman over 2027 presidency remarks

The chairman’s remark about the 2027 presidency has been rejected by the Arewa Consultative Forum (ACF).

Mamman In 2027, the North will support a Northern presidential candidate, according to ACF head Mike Osuman.

The ACF called Osuman’s remark a “unauthorised statement” and announced his suspension.

In a statement, the ACF’s Secretary General and Chairman of the ACF Board of Trustees, Alhaji Murtala Aliyu and Alhaji Bashir Muhammad Dalhatu, respectively, stated,

The widely circulated remarks attributed to Mr. Mamman Mike Osuman, SAN, Chairman of the ACF National Executive Committee (NEC), made during the NEC meeting on Wednesday, November 2024, at ACF Headquarters, Kaduna, have caught the attention of the Arewa Consultative Forum (ACF).

Read Also: PDP secretariat in Edo state attacked by armed thugs targeting election documents

Specifically, Mr. Osuman was cited as stating that, come 2027, the North will support a Northern candidate for the presidency.

“The remarks simply represented Mr. Osuman’s personal opinion because the NEC chairman made them without seeking input from other ACF leaders or members.

“The complete set of statements made by Mr. Mamman Mike Osuman is rejected by ACF.

Because of this, the ACF’s Board of Trustees (BOT) and NEC leadership have chosen to suspend Mr. Mamman Mike Osuman effective immediately.

“A committee has been established to conduct additional research.”

PDP secretariat in Edo state attacked by armed thugs targeting election documents

coic
-
0
PDP secretariat in Edo state attacked by armed thugs targeting election documents

In Benin City, the capital of Edo state, thugs associated with the ruling All Progressives Congress (APC) recently looted the secretariat of the Peoples Democratic Party (PDP).

When the armed thugs overran the Edo State PDP Secretariat on Airport Road, traders and store owners fled for their lives, causing mayhem throughout the city.

According to witnesses, the attackers entered chanting war songs and firing intermittently into the air. They were headed by a man described as Kapuepue, the younger brother of APC Youth Leader Tony Kabaka.

Before overwhelming security personnel and breaking in, they allegedly demolished billboards and banners outside the facility.

According to reports, the group damaged buildings, stole valuables, and attacked employees.

Inside the secretariat, they smashed doors and windows, ransacked offices, and carted away computers, printers, and large bags filled with files and documents.

“They said PDP is dead, so nobody should come here again or they will kill us next time.

“They came looking for original copies of our election petition evidence, but they didn’t find any. All they took were photocopies and other documents,” an administrative officer at the secretariat simply identified as Ruth said.

The attack comes amidst a contentious legal battle over the results of the September 21 gubernatorial election.

Read Also: Customs Seize N3bn Worth of Contraband in Four Months – Controller

PDP leaders have accused the APC of orchestrating the violence to intimidate them and disrupt the party’s challenge at the election tribunal.

Andrew Enantomhen, a PDP youth leader, called the attack a desperate move by APC supporters.

“They have temporarily stolen our mandate and are now trying to cover their tracks. Why are they looking for documents? The case has already been filed in court. Justice will be served in Edo State,” he said.

In addition, Enantomhen pleaded with the police to bring peace, cautioning that if the violence persists, party members could have to defend themselves.

“It is quite disappointing and unfortunate that the APC, on Thursday, mobilized thugs to attack our party Secretariat in their desperation to frustrate and halt efforts by our great party to reclaim the mandate duly given to it by the Edo people at the September 21 governorship election,” said Chris Osa Nehikhare, the Edo PDP Caretaker Committee’s publicity secretary.

“Why are the APC agitated and organizing thugs to attack the PDP Secretariat if they are certain that they won the election without any problems and have nothing to conceal?
“The PDP is unwavering in its resolve to seek justice and the reinstatement of our mandate, and we will not be intimidated or discouraged.”

Customs Seize N3bn Worth of Contraband in Four Months – Controller

coic
-
0
Customs Seize N3bn Worth of Contraband in Four Months – Controller

The Murtala Muhammed Airport Command of the Nigeria Customs Service reported that it had seized 250 live turtles, military equipment, and other illegal items valued at N3.32 billion.

Speaking to reporters at the command headquarters on Wednesday, Michael Awe, the command’s Customs Area Controller in charge, revealed this.

He went on to say that between July and October, among other places, Canada Turkiye was the source of the intercepted contraband.

According to Awe, the confiscated goods violated a few current legal restrictions as specified in the Nigeria Customs Service Act (NCS Act) 2023.

The total duty paid worth of the seized goods between July and October 2024 was N3.32 billion, demonstrating the remarkable success of efforts to curb illicit trade. These consist of 250 live turtles, 10 packs of cannabis sativa, 50 drones, 175 military helmets, 23 walkie-talkies, and more, according to Awe.

He added that seven packets containing 200 and 225 mg of tramadol hydrochloride, 1.5 kg of pangolin scales, and 0.2 kg of porcupine pins were among the other illegal items that were found.
Additionally, he said that the command’s income collection for the same period in 2023 was N144.2 billion, a 94% increase over the N74 billion earned in 2023.

The command received N144.2 billion in revenue from customs and other levies between January and October of 2024. The sum represents a 94% rise as compared to the N74 billion collected in 2023, showing a progressive difference of N69.9 billion,” he said.

Improved trade facilitation, better stakeholder compliance, efficient law enforcement, “strategic resource deployment, interagency collaboration, efficient cargo clearance, and intelligent risk management strategies” were all cited by Awe as the reasons for the revenue generating.

He underlined that the command has taken steps including expedited clearance processes and improved cargo inspection and examination in an effort to increase tax collection, support lawful trade, and reduce smuggling.

Additionally, he said, the command made sure that frequent stakeholder interactions, cooperation with other security agencies, and enhanced intelligence collection and sharing were all implemented.

Awe gave everyone the assurance that going forward, the command would improve stakeholder engagement, bolster anti-smuggling activities, strengthen trade facilitation measures, and use technology to run operations more effectively.

Yessiey awards honor Victor Osimhen, Davido, other African Icons

coic
-
0
Yessiey awards honor Victor Osimhen, Davido, other African Icons

Football player Victor Osimhen and well-known artist Davido are among the exceptional people from a variety of African industries who have been honored by the Yessiey Awards, a major celebration of talent and influence. Yessiey Magazine organizes this yearly event to recognize outstanding accomplishments and contributions in a variety of fields, including as sports, entertainment, entrepreneurship, and humanitarian work.

The presentation of the Yessiey Africa 100 Most Influential those Award, which honors those who have significantly impacted their communities and businesses, was one of the ceremony’s main attractions this year. In order to inspire future generations and foster a culture of excellence, this award aims to highlight individuals whose contributions have had a profoundly positive social influence.

Since their inception in 2022, the Yessiey Awards have become well-known for their dedication to honoring excellence and highlighting role models who have had a significant influence on their respective fields. The celebration this year honored the remarkable lives of well-known individuals who have not only achieved success in their industries but also motivated many others with their commitment and diligence.
For his outstanding football accomplishments, Nigerian striker Victor Osimhen, who presently plays for Napoli in Serie A, Italy, received an award. Due to his pace, talent, and ability to score goals, Osimhen has become one of Europe’s best attackers. His image as a rising star in international football has been cemented by his contributions to Napoli, which include leading the team to the Serie A championship. The fact that Osimhen was honored at the Yessiey Awards highlights how crucial sports are to Africa’s unity and sense of pride.

Davido has received recognition in the music industry for both his influence outside of Africa and his noteworthy contributions to the African music scene. Davido, one of Africa’s most well-known musicians, has been instrumental in advancing Afrobeat over the world. He is a well-known figure in the entertainment world because of his ability to engage people with both his music and charitable endeavors. The Yessiey Awards further highlighted the importance of artists in influencing cultural narratives and motivating future generations by recognizing his commitment to using his platform for good.

In addition to recognizing personalities such as Osimhen and Davido, the Yessiey Africa 100 Most Influential People Award showcases a wide range of leaders from a variety of industries. Entrepreneurs, activists, public figures, and innovators who have achieved notable advancements in their industries were featured on this year’s list. The award highlights how important it is to honor people who are dedicated to improving their communities and promoting social change in addition to being successful.

Read Also:The real reason Abimbola Craig is not married

Those who have advanced fields including technology, education, and social influence were among the honored. Their inspiring tales of conquering obstacles and bringing about change are potent reminders of Africa’s capacity for greatness. By highlighting these tales, the Yessiey Awards hope to promote a society that values and acknowledges effort and commitment.

Discussions on more general concerns impacting the African continent were also included in the event. The significance of cooperation and solidarity among African countries was underlined by the speakers. They emphasized the necessity of teamwork in tackling issues like healthcare, education, and economic development. The awards seek to encourage others to contribute to the advancement of society by honoring those who are changing the world.

Numerous dignitaries, business executives, and media people attended the Yessiey Awards, demonstrating the awards’ importance in the African context. Attendees had the chance to network and work together throughout the event, creating relationships that might result in future projects that support innovation and excellence.

The event included talks on how young people can lead change in addition to the awards presentation. Numerous young leaders who have proven that age is not a hindrance to having a big influence are among the honorees. Their accomplishments demonstrate the capacity of young Africans to lead and innovate in a variety of fields.

Football players Victor Osimhen and Achraf Hakimi, music legends Burna Boy and Tyla, boxing champion Anthony Joshua, and business tycoon Aliko Dangote were among the prominent figures honored. Their acknowledgment highlights the variety of disciplines in which Africans are thriving and underlines the wealth of talent on the continent. It emphasizes how critical it is to recognize these achievements on a local and international level.

The Yessiey Awards are poised to become a major occasion in the yearly calendar honoring African brilliance as their popularity continues to rise. The honoring of these significant individuals not only highlights their own accomplishments but also adds to the continent’s continuous story of development and success.

In summary, the Yessiey Awards signify a shared desire for greatness across Africa and go beyond simply honoring individual accomplishments. The awards encourage others to follow their dreams and improve their communities by recognizing those who have made outstanding achievements to their disciplines. The occasion acts as a reminder of the value of acknowledgment and the significance of honoring accomplishments that influence Africa’s image internationally. The Yessiey Awards are a source of inspiration and optimism as the continent develops, fostering a mindset that values diligence and creativity.

The real reason Abimbola Craig is not married

coic
-
0
The real reason Abimbola Craig is not married

According to Nollywood actress Abimbola Craig, “marriage is a scam.”
In a conversation with media personality Chude Jideonwo on the “WithChude” podcast, the movie actor reportedly revealed this.
The actress noted that the title “Mrs.” is an acronym for “Master’s in Residential Servicing,” criticizing traditional marital roles in which women are frequently tasked with managing the home and providing for their partners.

According to Abimbola Craig, she values a spouse who is self-aware and purposeful, which is why she did not want to be married.

“All marriages are scams,” she claimed. Marriage is an institution, my mother used to tell me when I was a child. According to her, the term “Mrs.” stands for “Master’s in Residential Servicing.”

Read Also:APC Forum addresses claims of Lopsided appointments by SGF from North-Central stakeholders

“You cannot be with me if you are a man who does not know who he is, but I am not married, not because I do not want to be married.”

Most people know Abimbola Craig from her part as “Tiwalade” in the popular web series “Skinny Girl in Transit.”

Alongside Nigerian filmmaker Jade Osiberu, she co-produced the 2019 box office success “Sugar Rush,” further solidifying her reputation as a producer.

1...373374375...2,817Page 374 of 2,817
© Newspaper WordPress Theme by TagDiv